BENCHMARK REPORTS THIRD QUARTER 2024 RESULTS

Financial Results - Benchmark Electronics reported third quarter 2024 revenue of $658 million, a decrease from $666 million in the previous quarter and $720 million year-over-year [1][2][7] - The company generated net cash provided by operations of $39 million and positive free cash flow of $29 million [1][2] - GAAP gross margin was 10.1%, while non-GAAP gross margin was 10.2% [1][2][21] - GAAP operating margin was 4.3%, and non-GAAP operating margin was 5.3% [1][2][21] - GAAP earnings per share (EPS) was $0.42, and non-GAAP EPS was $0.57 [1][2][21] Year-over-Year Comparison - Revenue decreased year-over-year primarily due to declines in Medical and Advanced Computing and Communications (AC&C) sales, partially offset by increases in Semi-Cap and Aerospace & Defense (A&D) sales [7] - Net income for the third quarter was $15 million, down from $20 million in the same quarter last year [2][7] - Non-GAAP net income remained stable at $21 million compared to the previous quarter but decreased from $23 million year-over-year [2][7] Cash Conversion Cycle - The cash conversion cycle days remained at 90 days, down from 105 days a year ago [4] - Accounts receivable days improved to 51 days from 60 days year-over-year [4] - Inventory days decreased to 89 days from 100 days year-over-year [4] Industry Sector Update - Revenue by industry sector for the third quarter included Semi-Cap at $188 million (28% of sales), Complex Industrials at $151 million (23%), Medical at $107 million (16%), and A&D at $102 million (16%) [5][6][7] - The decline in revenue was primarily attributed to decreases in AC&C and Medical sales, while Semi-Cap sales saw an increase [7] Fourth Quarter Guidance - The company expects fourth quarter 2024 revenue to be between $640 million and $680 million [8] - Diluted GAAP EPS is projected to be between $0.40 and $0.46, while diluted non-GAAP EPS is expected to be between $0.53 and $0.59 [8]